According to the TechSci Research report titled “Global Agricultural Tire Market-Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the forecast period of 2023-2028 is expected to witness substantial growth in the global agricultural tire market. This growth can be attributed to the changing farming methods adopted worldwide, driven by the increasing demand for food security and the growing population. Over the past few years, the agricultural sector has experienced significant growth in various countries, prompting governments to invest in this sector. Consequently, there has been an increased demand for efficient and productive agricultural machinery and end-products, particularly in developed nations. This surge in demand, coupled with the expanding population and advancements in agricultural vehicle technology, has led to a higher demand for agricultural vehicles and Off-The-Road (OTR) tires, thereby driving the growth of the global agricultural tire market.
Furthermore, the trade war between China and other nations has resulted in a rise in demand for locally produced OTR tires in certain regions. Increased import duties have raised the prices of OTR tires, and as many countries lack their own tire manufacturing facilities, they heavily rely on imports.
Moreover, with technological innovations and the growing demand in the agricultural market, numerous tire manufacturers have invested in research and development to introduce a new range of high-flexion agricultural tires.
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The global agricultural tire market is segmented based on application type, sales channel, tire type, region, and company. Tractors dominated the market in 2022, and this trend is expected to continue during the forecast period. Trailers hold the second-largest market share. The adoption of advanced agricultural machinery and tools has increased in recent years due to liberalization and has caused a structural shift in the agricultural sector. Many countries have witnessed increased adoption of tractors, combine harvesters, loaders, and other agricultural vehicles to reduce labor-intensive tasks. As a result, the sales of agricultural vehicles have risen, leading to increased demand for OTR tires worldwide.
In terms of regional segmentation, Asia Pacific currently holds the largest market share, which is expected to grow further during the forecasted period. In India, agriculture serves as the primary source of livelihood for over 58% of the population. The Indian agricultural market is projected to witness significant growth due to the high dependency on farming and the continuous expansion of the agricultural sector. With its potential for productivity improvement, especially in the global food industry, the Indian agricultural market plays a vital role in global food trade.
In the tire type segment, radial tires accounted for over 50% of the market share in 2022, and this trend is expected to continue. While bias tires have been prevalent in the market for a long time, the introduction of radial tires has prompted many agricultural manufacturers to shift their preference. Radial tires offer superior design and numerous benefits, making them the preferred choice for agricultural manufacturers and aftermarket buyers. However, bias tires still maintain popularity in certain countries.
Overall, the global agricultural tire market is poised for substantial growth in the forecast period, driven by changing farming methods, increasing population, technological advancements, and regional market dynamics.
Some of the major players operating in the global agricultural tire market include:
- Michelin Group
- Balkrishna Industries Limited (BKT)
- Apollo Tyres ltd
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Madras Rubber Factory Ltd
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Zhongce Rubber Group Co., Ltd.
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“Many companies are investing in research and development of agricultural tires sector, this will introduce advanced tires that will meet the demand of the buyers in the market, also in many countries governments are spending heavily to promote mechanization in agricultural fields, this will directly affect the agricultural tire market in positive way, “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Agricultural Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Application Type (Tractors, Combine Harvester, Sprayers, Trailers, Loaders, Others), By Sales Channel (OEM, Aftermarket), By Tire Type (Bias Type, Radial Type) and By Region, Competition has evaluated the future growth potential of global agricultural tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global agricultural tire market.
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